MCQ Portal

1. Which of the following is considered a business-owned asset intended for generating future profits?

Loan from Bank Owner's Capital Trade Mark All of the above

2. What type of account is Chandu & Co.'s Account?

Real Account Nominal Account Representative Personal Account Artificial Personal Account

3. If a laptop purchased for office use is wrongly debited to the Purchase Account, it is an error of:

Omission Commission Principle Misposting

4. What is the correct term for writing off a Patent?

Depletion Amortization Depreciation All of the above

5. When is a Memorandum Joint Venture Account prepared?

When a separate set of books is maintained for the Joint Venture When each Co-venturer records all transactions When each Co-venturer records only their own transactions In all of the above cases

6. Which type of commission is given to a consignee to encourage extra effort in launching a new product?

Del-credere Commission Over-riding Commission Hard Work Commission Ordinary Commission

7. If Ram's acceptance, which was endorsed to Saleem, is dishonored, which account will be debited?

Saleem Ram Bills Receivable Account None of the above

8. In a Club's financial records, what is the term for excess expenditure over income?

Surplus Deficit Capital Fund Investment in Fixed Assets

9. A charitable institution has 250 members, each paying an annual subscription of ₹5,000. The total subscription received during 2018-19 was ₹11,25,000, including ₹65,000 from 2017-18 and ₹25,000 for 2019-20. What is the outstanding subscription for 2018-19?

₹90,000 ₹1,25,000 ₹2,15,000 ₹1,90,000

10. The following are details of closing stock items in Aarvi Limited:

Item	Historical Cost (` in Lakh)	Net Realisable Value (` in Lakh)
A	30	27
B	15	18
C	35	35
D	40	45

The value of Closing Stock will be?

₹120 Lakh ₹125 Lakh ₹117 Lakh ₹128 Lakh

June 2019 FA Paper

The Number of MCQs are limited as per ICMAI Past Paper in Syllabus 2016